Listed Alliance Global Group Inc. (AGI) said on Friday its net profit declined by 67 percent to P4.1 billion in the first six months of the year from P12.5 billion in 2019, which it attributed to the coronavirus disease 2019 (Covid-19) crisis.
In a filing, the Andrew Tan-led holding company reported that its consolidated revenues decreased by 26 percent to P61.4 billion from P82.8 billion year-on-year.
“The country’s strict two-month lockdown weighed heavily on most of our domestic operations,” AGI Chief Executive Officer Kevin Tan was quoted as saying in the filing, referring to the enhanced community quarantine imposed in mid-March to curb the spread of Covid-19 in the country.
“We take comfort from the fact that we have managed to diversify our sources of income, either by type of products or by geographic contribution, and this has helped us mitigate the impact of this pandemic on our group performance,” he added.
Property arm Megaworld Corp. saw its attributable net income slump by 33 percent to P5.4 billion from P8.1 billion in 2019. Its consolidated revenues also fell by 25 percent to P23.8 billion as quarantine measures weighed on its mall rentals, real estate sales and hotel earnings.
Brandy unit Emperador Inc. posted an attributable profit of P3.3 billion in the first half, up 2 percent, and its consolidated revenues hit P21.5 billion despite the liquor ban imposed during the lockdown.
The quarantine also affected the owner and operator of Resorts World Manila, Travellers International Hotel Group, which incurred a net loss of P3.7 billion as a result of the suspension of casino gaming operations.
Golden Arches Development Corp. which operates the McDonald’s fast food chain in the country, also incurred a net loss of P709 million, while its consolidated revenues dropped by 37 percent to P9.7 billion.
Only 38 percent of McDonald’s stores were operational when the lockdown began and were limited to takeouts, drive-through and delivery services. This figure rose to 84 percent in May after restrictions were eased a little.
Alliance Global shares slipped by 17 centavos or 2.81 percent to finish at P5.87 each on Friday.